Rayonier (RYN) Upgraded to Buy at Zacks Investment Research

Rayonier (NYSE:RYN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm currently has a $36.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s target price suggests a potential upside of 9.22% from the stock’s previous close.

According to Zacks, “Shares of Rayonier have outperformed the industry it belongs to in the past three months. Moreover, the stock has seen the Zacks Consensus Estimate for 2018 earnings being revised upward in a week’s time. Notably, the company’s fourth-quarter 2017 results benefited from strong performance of its three timber segments. Rayonier’s portfolio of timberlands reflects geographical diversity. Moreover, the company is likely to benefit from the developments in biogenetics & cloning that help in fast growth of trees. The company has also upgraded its U.S. South portfolio through strategic acquisitions and is expected to gain from the recovery in the country’s housing sector. Such efforts position the company for long-term growth. However, the company faces competition from its substitutes and other market players in the timberland sector. Foreign exchange fluctuations add to its woes.”

Other research analysts have also issued reports about the stock. Royal Bank of Canada restated a “hold” rating and issued a $29.00 price objective on shares of Rayonier in a research note on Wednesday, November 15th. BMO Capital Markets restated a “hold” rating and issued a $31.00 price objective on shares of Rayonier in a research note on Thursday, November 2nd. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Rayonier currently has a consensus rating of “Hold” and an average price target of $32.33.

Rayonier (RYN) traded up $0.59 during midday trading on Tuesday, reaching $32.96. 664,534 shares of the company’s stock were exchanged, compared to its average volume of 739,176. The company has a current ratio of 2.68, a quick ratio of 1.45 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $4,190.00, a price-to-earnings ratio of 28.39, a PEG ratio of 11.30 and a beta of 0.43. Rayonier has a one year low of $26.84 and a one year high of $33.65.

Rayonier (NYSE:RYN) last posted its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.11. The company had revenue of $186.30 million for the quarter, compared to analyst estimates of $165.73 million. Rayonier had a net margin of 18.64% and a return on equity of 4.96%. Rayonier’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.05 earnings per share. research analysts anticipate that Rayonier will post 0.56 EPS for the current year.

Institutional investors have recently modified their holdings of the company. State Street Corp increased its stake in shares of Rayonier by 5.7% during the second quarter. State Street Corp now owns 3,451,153 shares of the real estate investment trust’s stock worth $99,289,000 after acquiring an additional 186,679 shares during the period. Mutual of America Capital Management LLC boosted its holdings in Rayonier by 2.2% during the third quarter. Mutual of America Capital Management LLC now owns 104,494 shares of the real estate investment trust’s stock worth $3,019,000 after buying an additional 2,288 shares in the last quarter. California Public Employees Retirement System boosted its holdings in Rayonier by 3.5% during the third quarter. California Public Employees Retirement System now owns 438,580 shares of the real estate investment trust’s stock worth $12,671,000 after buying an additional 14,980 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Rayonier by 59.0% in the third quarter. Public Employees Retirement System of Ohio now owns 166,332 shares of the real estate investment trust’s stock valued at $4,805,000 after purchasing an additional 61,739 shares in the last quarter. Finally, Stevens Capital Management LP purchased a new stake in shares of Rayonier in the third quarter valued at about $1,039,000. Institutional investors and hedge funds own 83.60% of the company’s stock.

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About Rayonier

Rayonier Inc is a timberland real estate investment trust with assets located in some of the timber growing regions in the United States and New Zealand. The Company operates through five segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Southern Timber, Pacific Northwest Timber and New Zealand Timber segments reflect all activities related to the harvesting of timber and other activities, such as recreational leases, within each respective geography.

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